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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-53505
BRAVO MULTINATIONAL INCORPORATED
(Exact name of registrant as specified in its charter)
Wyoming |
85-4068651 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
2020 General Booth Blvd., Unit 230
Virginia Beach, VA
(principal executive offices) |
23454
(Zip Code) |
Registrant's telephone number, including area code:
(757) 306-6090
Securities registered under Section 12(b) of the Exchange Act: |
None |
|
|
Securities registered under Section 12(g) of the Exchange Act: |
Common stock, par value $0.0001 per share |
|
(Title of class) |
Indicate by check mark whether the registrant (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Non-accelerated filer ☒
Emerging growth company ☐ |
Accelerated filer ☐
Smaller reporting company ☒ |
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(g) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common stock Par Value $0.0001 |
BRVO |
NONE |
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: At August 15, 2024, the registrant had outstanding 47,641,011 shares of common stock,
par value $0.0001 per share.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BRAVO MULTINATIONAL INCORPORATED
|
FINANCIAL REPORTS |
AT |
June 30, 2024 |
INDEX TO FINANCIAL STATEMENTS
Bravo Multinational Incorporated |
|
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED |
| |
| | | |
| | |
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
$ | 177 | | |
$ | 1,180 | |
| |
| | | |
| | |
Total Current Assets | |
| 177 | | |
| 1,180 | |
| |
| | | |
| | |
Total Assets | |
$ | 177 | | |
$ | 1,180 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accounts Payable and Accrued Expenses | |
$ | 85,439 | | |
$ | 12,453 | |
Customer Deposits | |
| - | | |
| 35,800 | |
Due to Related Parties | |
| 258,058 | | |
| 154,280 | |
Accrued Board of Directors Fees | |
| 294,750 | | |
| 207,250 | |
| |
| | | |
| | |
Total Liabilities | |
| 638,247 | | |
| 409,783 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 9) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' Deficit | |
| | | |
| | |
Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized, 47,641,010 Issued and Outstanding | |
| 4,763 | | |
| 4,763 | |
Additional Paid-In-Capital | |
| 95,374,399 | | |
| 95,374,399 | |
Accumulated Deficit | |
| (96,017,232 | ) | |
| (95,787,765 | ) |
| |
| | | |
| | |
Total Stockholders' Deficit | |
| (638,070 | ) | |
| (408,603 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders' Deficit | |
$ | 177 | | |
$ | 1,180 | |
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
Bravo Multinational Incorporated |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED |
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Expenses | |
| | |
| | |
| | |
| |
General and Administrative | |
$ | 15,366 | | |
$ | 4,046 | | |
$ | 44,975 | | |
$ | 5,423 | |
Professional Fees | |
| 32,633 | | |
| 26,040 | | |
| 132,792 | | |
| 49,375 | |
Board of Directors Fees | |
| 43,750 | | |
| 43,750 | | |
| 87,500 | | |
| 162,500 | |
| |
| | | |
| | | |
| | | |
| | |
Total Expenses | |
| 91,749 | | |
| 73,836 | | |
| 265,267 | | |
| 217,298 | |
| |
| | | |
| | | |
| | | |
| | |
Loss Before Income from Customer Deposit Writeoff | |
| 91,749 | | |
| 73,836 | | |
| 265,267 | | |
| 217,298 | |
| |
| | | |
| | | |
| | | |
| | |
Income from Customer Deposit Writeoff | |
| - | | |
| - | | |
| (35,800 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income Taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| 91,749 | | |
| 73,836 | | |
| 229,467 | | |
| 217,298 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares - Basic and Diluted | |
| 47,641,010 | | |
| 47,641,010 | | |
| 47,641,010 | | |
| 47,641,010 | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period Per Common Shares - Basic and Diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
Bravo Multinational Incorporated |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED |
| |
| | | |
| | |
For the Six Months Ended June 30, | |
2024 | | |
2023 | |
| |
| | |
| |
Cash Flows from Operating Activities | |
| | | |
| | |
| |
| | | |
| | |
Net Loss for the Period | |
$ | (229,467 | ) | |
$ | (217,298 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Income from Customer Deposit Writeoff | |
| (35,800 | ) | |
| - | |
Changes in Assets and Liabilities: | |
| | | |
| | |
Prepaid Expenses - Retainers | |
| - | | |
| (29,325 | ) |
Accounts Payable and Accrued Expenses | |
| 72,986 | | |
| 8,186 | |
Accrued Board of Directors Fees | |
| 87,500 | | |
| 162,500 | |
| |
| | | |
| | |
Net Cash Flows Used In Operating Activities | |
| (104,781 | ) | |
| (75,937 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash Flows from Financing Activities | |
| | | |
| | |
Due to Related Parties, Net | |
| 103,778 | | |
| 78,398 | |
| |
| | | |
| | |
Net Cash Flows Provided by Financing Activities | |
| 103,778 | | |
| 78,398 | |
| |
| | | |
| | |
Net Change in Cash and Cash Equivalents | |
| (1,003 | ) | |
| 2,461 | |
| |
| | | |
| | |
Cash and Cash Equivalents - Beginning of Period | |
| 1,180 | | |
| 73 | |
| |
| | | |
| | |
Cash and Cash Equivalents - End of Period | |
$ | 177 | | |
$ | 2,534 | |
| |
| | | |
| | |
Cash Paid During the Period for: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
Income Taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-Cash Transactions | |
| | | |
| | |
Accrued Board of Directors Fees - Contributed to Capital | |
$ | - | | |
$ | 1,580,167 | |
Due to Related Parties - Contributed to Capital | |
$ | - | | |
$ | 205,739 | |
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
Bravo Multinational Incorporated |
|
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 - UNAUDITED |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
$ 0.0001 Par | | |
Paid-In | | |
Accumulated | | |
Stockholders' | |
For the Three and Six Months Ended June 30, 2023 | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balance - January 1, 2023 | |
| 47,641,010 | | |
$ | 4,763 | | |
$ | 89,168,493 | | |
$ | (90,940,720 | ) | |
$ | (1,767,464 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (143,462 | ) | |
| (143,462 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2023 | |
| 47,641,010 | | |
| 4,763 | | |
| 89,168,493 | | |
| (91,084,182 | ) | |
| (1,910,926 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Capital Contributions - Directors | |
| - | | |
| - | | |
| 1,785,906 | | |
| - | | |
| 1,785,906 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| 73,836 | | |
| 73,836 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2023 | |
| 47,641,010 | | |
$ | 4,763 | | |
$ | 90,954,399 | | |
$ | (91,010,346 | ) | |
$ | (51,184 | ) |
| |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
$ 0.0001 Par | | |
Paid-In | | |
Accumulated | | |
Stockholders' | |
For the Three and Six Months Ended June 30, 2024 | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balance - January 1, 2024 | |
| 47,641,010 | | |
$ | 4,763 | | |
$ | 95,374,399 | | |
$ | (95,787,765 | ) | |
$ | (408,603 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (137,718 | ) | |
| (137,718 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2024 | |
| 47,641,010 | | |
$ | 4,763 | | |
$ | 95,374,399 | | |
$ | (95,925,483 | ) | |
$ | (546,321 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (91,749 | ) | |
| (91,749 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2024 | |
| 47,641,010 | | |
$ | 4,763 | | |
$ | 95,374,399 | | |
$ | (96,017,232 | ) | |
$ | (638,070 | ) |
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
NOTE 1 – Organization & Description of
Business
Bravo Multinational Corporation (the “Company,”
“we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April
23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General
Corp. On August 7, 2007, the Company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand
Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated. On March 22, 2016, the board of directors
of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company
that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance
with all regulatory requirements mandated by FINRA. Further, as a result of the change of the company’s name and upon satisfaction
of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,”
and the company’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company’s
name on April 6, 2016. As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO”
and the CUSIP identifier was changed to 10568F109. On August 3, 2020, the Board of Directors agreed in changing the Company’s incorporation
from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) to
achieve the change in state incorporation. On July 20, 2023 the Company formed a wholly-owned subsidiary; Global Merchandising Inc., a
Nevada Corporation. This company has had no activity through June 30, 2024.
The Company filed a Form 8-K with the SEC on April
7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.
The Company owned patented and unpatented mining claims
on War Eagle Mountain in the state of Idaho. The Company entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which
SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles
on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015,
so that SFMI could restructure its finances. The Company determined that SFMI is unable to pay the lease and that any debt owing by SFMI
to the Company is not recoverable. The Company currently owns 76.63 acres within seven patented claims with a 29.167% ownership interest
on War Eagle Mountain in the state of Idaho. The Company allowed all of its BLM (Bureau of Land Management) unpatented and placer claims
to expire. The carrying value on such claims both patented and unpatented was fully impaired due to lack of economic viabilities of such
properties.
The Company’s previous business plan was the
buying and reselling of gaming equipment. The Company also bought machines for its own use that were placed in casinos or gaming areas
to obtain monthly revenue streams from the machines’ net win revenue. On July 3, 2023, the Company changed its business plan and
will pursue business ventures in the entertainment, hospitality, and technology .
NOTE 2 – Summary of Significant Accounting
Policies
Basis of Presentation
The accompanying condensed consolidated balance sheet
at December 31, 2023, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim
financial statements as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q
and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial
statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report
on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission
(the “SEC”). It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments),
have been made which are necessary for a fair financial statement presentation. Operating results for the three and six months ended June
30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2023.
Principles of Consolidation
The condensed consolidated financial statements include
the accounts of Bravo Multinational Incorporated, its wholly owned subsidiaries, Universal Entertainment SAS, Ltd., Bravo Global Merchandising,
and Bravo Acquisition Corp. (the “Company”). All significant inter-company balances have been eliminated in consolidation.
During the year ended December 31, 2017, management recognized that Universal is an inactive Florida corporation which no longer operates.
Method of Accounting
The Company’s condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”).
Cash and Cash Equivalents
Cash and cash equivalents may include time deposits,
certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains
cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.
NOTE 2 – Summary of Significant Accounting
Policies Continued
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss
available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share
are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options,
warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted
average number of common shares outstanding and
diluted earnings (loss) per share.
Stock Based Compensation
The Company has issued and may issue stock in lieu
of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party fair values of
shares or the value of services, whichever is more readily determinable, is used to value the transaction.
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the
following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction
price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies
a performance obligation.
Fair Value Measurements
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value.
We adopted ASC Topic 820 for financial instruments
measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance
with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.
Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). These tiers include:
| · | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| · | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets
that are not active; and |
| · | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs
or significant value drivers are unobservable. |
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate
fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring
basis.
NOTE 3 – Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE 4 – Going Concern
The Company’s condensed consolidated financial
statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities
and an accumulated deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.
While the Company is attempting to continue operations
and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.
Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being
taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue
as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional
funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s
ability to further implement its business plan and generate revenues. During the year ended December 31,2023 due to lack of revenues the
officers of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.
NOTE 5 – Related Party Transactions
Due to Related Parties consist of payments of Company
expenses by the Company’s one (1) current director, one (1) former director, one (1) shareholder and two (2) companies with related
shareholders. Amounts due were $258,058 and $154,280 at June 30, 2024 and December 31, 2023, respectively.
The Company utilizes the services of Yes International
Inc., which is controlled by Mr. Richard Kaiser who is a member of the Board of Directors. Yes International provides all services at
no cost except for press release wire services and filing fees. For each of the three and six months ended June 30, 2024 and 2023 the
Company paid press release wire services and filing fees a total in the amount of $735 (2023: $1,800) and $2,286 (2023: $1,800), respectively.
The Company also currently operates out of the Yes International Inc., offices at no cost.
NOTE 6 – Capital Stock
Preferred Stock
On January 16, 2017, the Company amended its certificate
of incorporation to authorize an increase in blank check preferred shares to 50,000,000 from 5,000,000. 10,000,000 of these blank check
preferred shares have been separately allocated to Series A Preferred leaving 40,000,000 blank check preferred authorized. Preferred stock
- A can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares
of common stock. At June 30, 2024, and December 31, 2023, there were -0- shares issued and outstanding.
Common Stock
On January 16, 2017, the Articles of Incorporation
were amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock.
On September 20, 2023, 8,500,000 shares of common
stock were issued to the two (2) shareholders of RPI Inc., per the share exchange agreement for 51% of RPI that was closed on July 13,
2023. These shares were valued at the market value of the Company on July 13, 2023 and resulted in goodwill impairment of $4,420,000 for
the year ended December 31, 2023. On November 14, 2023, the share agreement was rescinded and the shares were returned to the Company.
Net loss of RPI are therefore included in discontinued operations as is the goodwill impairment.
Stock Compensation Plan
March 15, 2018, the Company resolved to adopt the
Employees, Officers, Directors and Consultants Stock Plan for the Year 2018. The purpose of this Plan is to enable the Company, to promote
the interests of the company and its stockholders by attracting and retaining employees, officers, directors and consultants capable of
furthering the future success of the Company and by aligning their economic interests more closely with those of the company’s stockholders,
by paying their retainers or fees in the form of shares of the Company’s common stock. The Plan shall expire on March 15, 2028.
As of June 30, 2024 and December 31, 2023, previously issued shares totaled 4,516,667 from this plan.
NOTE 7 – Write off of Customer Deposits
During the six months ended June 30, 2024, the Company
wrote off $35,800 of customer deposits that were on the books as a current liability. The Company has held this deposit since July 2016.
The customer in this case has disappeared and has never requested a return of the prepayment in almost eight years. The Company’s
management does not expect to ever repay the advance. Therefore, income from customer deposit write off of $35,800 is included in the
six months ended statements of operations.
NOTE 8 – Commitments and Contingencies
Beginning in 2018, the Company leases space at Yes
International Inc., a related party, at no cost. Rent expense for the each of the three and six months ended June 30, 2024 and 2023 was
$-0-.
NOTE 9 – Share Exchange
On July 13, 2023 the Company and RPI closed their
share exchange agreement. The Company issued 8,500,000 shares of common stock in exchange for 51% of the outstanding common shares of
RPI. The value of this exchange was $4,420,000 placed to goodwill.
Since RPI had no assets or operations the goodwill
was immediately impaired and is shown in the statement of operations for the three and nine months ended December 31, 2023.
On November 14, 2023, the share exchange agreement
was rescinded by all parties and the issued shares were returned.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following information should be read in conjunction
with our unaudited financial statements and related notes thereto included in Part I, Item 1, above. We also urge you to review and consider
our disclosures describing various risks that may affect our business, which are set forth under the heading "Risk Factors,"
below.
Forward Looking Statements
Certain matters discussed herein are forward-looking
statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:
| · | our future strategic plans |
| · | our future operating results; |
| · | our contractual arrangements and relationships with third parties; |
| · | the dependence of our future success on the general economy; |
| · | our possible future financing |
| · | the adequacy of our cash resources and working capital;. and |
From time to time, we or our representatives have
made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited
to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the
Securities and Exchange Commission. Words or phrases "will likely result", "are expected to", "will continue",
"is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking
statements". Such statements are qualified in their entirety by reference to and are accompanied by the above discussion of certain
important factors that could cause actual results to differ materially from such forward-looking statements.
The risks identified here are not all inclusive. New
risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the
impact of all such risk factors on the company's business or the extent to which any factor or combination of factors may cause actual
results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not
be relied upon as a prediction of actual results.
The financial information set forth in the following
discussion should be read with the financial statements of Bravo Multinational, Inc. included elsewhere herein.
Company Overview
We were originally formed as Montrose Ventures, Inc.
in the State of Delaware on May 25, 1989. On April 23, 1996, our name was changed to Java Group, Inc., which tried and failed to start
a chain of coffee bars. On September 1, 2004, our name was changed to Consolidated General Corp., and under that name the company attempted
to buy tier 2 and 3 professional sports teams, including the Vancouver Ravens lacrosse team and the San Diego Soccers soccer team. On
August 7, 2007, our name was changed to Goldcorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co.
On March 22, 2016, the board of directors of the Registrant,
pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interest of the Registrant that the name
of the Registrant should be changed to Bravo Multinational Incorporated, to reflect its new business, what is the purchase and leasing
of gaming equipment. The change of name was to be effective upon compliance with all regulatory requirements mandated by FINRA. Further,
as a result of the change of the Registrant's name the trading symbol for the shares of the Registrant's common stock has been changed
to "BRVO," and Registrant's CUSIP identifier has been changed to 10568F109.
On August 3, 2020, both the Board of Directors of
the Company and the consent of the majority of the shareholders agreed in changing the Company's incorporation from the State of Delaware
to the State of Wyoming. On September 29, 2020, the Company filed and mailed an "Information Statement" to all shareholders
of the record date, September 25, 2020, notifying shareholders of this approval to change the Company's state of its incorporation domicile
from the State of Delaware to the State of Wyoming through a Reincorporation Merger of Bravo Multinational, Inc. a Delaware Corporation
(Bravo Delaware) into its wholly owned Wyoming subsidiary Bravo Multinational, Inc. (Bravo Wyoming).
On October 09, 2020, The Company moved it state of
incorporation from the State of Delaware to the State of Wyoming. After the move to Wyoming, authorized capital of Bravo Multinational
Incorporated consists of an unlimited number of shares of Common Stock, par value $0.0001 per share, an unlimited number of shares of
Preferred Stock, $0.0001 par value per share and an unlimited number of shares of Series Preferred 'A' stock at a par value of $0.0001,
which has the same characteristics as described above. The reincorporation did not affect total stockholder equity or total capitalization
of the Company.
The Company's business is in the pursuit of business
ventures in the entertainment, hospitality, technology, and mobile cellular services sectors.
Transfer Agent
Our transfer agent is Transfer Online, Inc. whose
address is 512 SE Salmon Street, Portland, Oregon 97214, and telephone number (503) 227-2950.
Company Contact Information
Our principal executive offices are located at 2020
General Booth Blvd., Unit 230, Virginia Beach, VA 23454, telephone (757) 306-6090. The information to be contained in our Internet website,
www.bravomultinational.com or www.bravomultinationalinc.com, shall not constitute part of this report.
Current Directors
The following persons are the Company's Directors:
Name |
|
Age |
|
Position(s) |
Grant Cramer |
|
61 |
|
CEO and Director |
Frank Hagan |
|
69 |
|
President and Director |
Richard Kaiser |
|
60 |
|
CFO and Director |
Kayla Slick |
|
35 |
|
COO and Director |
Joshua Vance |
|
43 |
|
Director |
BIOGRAPHY
GRANT CRAMER
Mr. Cramer, age 61, has been appointed Chief Executive
Officer and a Director of the Company. Mr. Cramer has over three decades of experience in the entertainment business, and he has worked
as an actor, writer, producer and production executive. Mr. Cramer founded Landafar Entertainment in Los Angeles, California in 2016 and
Global Pictures Media in Ocala, Florida in 2015. As part of his work with those companies, he has developed and produced 14 feature films,
including End Of Watch, Escape Plan, and 2 Guns. Mr. Cramer was also the executive producer of Lone Survivor,
November Man, and Arctic Dogs. Mr. Cramer also produced And So It Goes, which was directed by Rob Reiner and starred
Michael Douglas and Diane Keaton. His 30-minute short film Say Goodnight, Michael won several awards, including the Grand Jury
Award at the New York International Independent Film Festival. Mr. Cramer attended the University of California Los Angeles from 1979
to 1981.
FRANK HAGAN
Mr. Hagan, age 69, has been appointed President and
Director of the Company. Mr. Hagan is a seasoned producer with over 30 years of experience in the entertainment industry. He has produced
national and local TV shows, award-winning talk shows, and reality programs. Mr. Hagan co-founded RRE Media, LLC. (Production Company)
in 2011. Mr. Hagan has worked as a producer for major networks, including Discovery, History Channel, and Relativity Media. Mr. Hagan
attended St. Mary’s College in Emmitsburg, Maryland, from 1971 to 1972. From 1973 to 1974, Mr. Hagan attended Westchester Community
College in Valhalla, New York, where he received an Associate’s degree.
RICHARD KAISER
Richard Kaiser since 2018 is the Company's Director,
Acting CFO, Corporate Secretary and Corporate Governance Officer. He has served as an officer and Co-Owner of Yes International since
July, 1991. Yes International is a full-service EDGAR conversion filing agent, investor relations and venture capital firm located in
Virginia Beach, Virginia. Mr. Kaiser has a Bachelor of Arts degree in International Economics from Oakland University (formerly known
as Michigan State University-Honors College.) From July 1, 2013 to the present, Mr. Kaiser has also served as a director, secretary and
interim CFO of BioForce NanoSciences Holdings, a public company, trades under symbol BFNH on OTC Markets and is Nevada Corporation with
its headquarters located in Virginia Beach, Virginia. BioForce NanoSciences Holdings, Inc. is in the business private labeling vitamins
and nutritional supplements. In August 2022, Mr. Kaiser became a Director and Chief Financial Officer of Gold Rock Holdings, Inc., located
in Virginia Beach, VA. Gold Rock Holdings is a Nevada Corporation which trades under the symbol GRHI on OTC Markets. Gold Rock Holdings,
Inc. is a Web3 technology platform entity. The Board reviewed Mr. Kaiser's background and considered him qualified for his position due
to his educational background and his experience with SEC filings and public companies.
KAYLA SLICK
Mrs. Slick, age 35, has been appointed Chief Operating
Officer and a Director of the Company. Mrs. Slick has 15 years of experience in operations management, business development, strategic
and digital marketing, and public relations. Mrs. Slick worked at The Platt Group and INSIDE Public Accounting from 2009 to 2016. Mrs.
Slick co-founded and produced The PRIME Symposium in 2011, an annual conference, built around the best practices of IPA’s
Best of the Best firms. From 2013 to 2015, Mrs. Slick worked at Tricor Automotive Group as Administrator, organizing annual global
events for shareholders. In 2016 to 2022, she worked for Interactive Digital Solutions, Inc. where she developed the Sales Development
Program and was later promoted to Marketing Communications Director for their MedSitter, LLC division. Mrs. Slick attended Purdue University
from August 2006 to December 2010 and she received a Bachelor of Science degree in Financial Counseling & Planning and Organizational
Leadership & Supervision. She is currently pursuing her Master of Science degree in Communications at Purdue University.
JOSHUA VANCE
Mr. Vance, age 43, was appointed as a Director of
the Company. Mr. Vance has over 24 years’ experience in Commercial Real Estate. Mr. Vance is a partner at Mountain West Commercial
Real Estate, where he is engaged in buying, leasing and selling commercial real estate from 1999 to present. Mr. Vance has been a proprietor
of BOM, LLC. From August 2006 to present, Mr. Vance has been employed at InterNet Properties, Inc. buying, leasing and selling real estate.
Advisory Board
The Company's Business Advisory Board is comprised
of a leading executives with extensive business experiences and some members will be experts in the film, television and digital media
industries. The Advisory Board was established to oversee a strategy aimed at acquiring and investing in companies across these industries.
The Committee members current seats the following
individual:
David McKillop - The former General Manager
and Executive Vice President of Programming at A&E, a luminary in the television industry who boasts an illustrious career highlighted
by multiple awards, including but not limited to two Emmy® wins and 7 Emmy® nominations.
Wholly-owned Subsidiary
Global Merchandising, Inc., a Nevada corporation.
Bravo Acquisition Corp. (“BAC”), a Nevada
corporation.
Mobile 13, Inc., a Nevada Corporation.
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Overall Operating Results:
Three Months – June 30, 2024 and 2023 Statements
Revenues for Company for the three months ended June
30, 2024 and 2023 were $-0- and $-0-. The Company's had $-0- sales for the three months ending June 30, 2024 from its business ventures
in the entertainment, hospitality, and technology, sectors, and in June 30, 2023, the Company had $-0- from its gaming machine sales.
Cost of sales for the three months ended June 30,
2024 was $-0- and for the three months ended June 30, 2023 was $-0-. The Company had no sales during each of the three months ended June
30, 2024 and 2023.
Gross profit for the three months ended June 30, 2024
was $-0- and for the three months ended June 30, 2023 was $-0-.
Total Operating expenses for three months ended June
30, 2024 was $91,749 compared to $73,836 for the three months ended June 30, 2023. The increase during the three months ending June 30,
2024 was attributed to increases in General and Administrative expenses and Professional Fees compared to the three months ending June
30, 2023.
Six Months – June 30, 2024 and 2023 Statements
Revenues for Company for the six months ended June
30, 2024 and 2023 were $-0- and $-0-. The Company's had $-0- sales for the six months ending June 30, 2024 from its business ventures
in the entertainment, hospitality, and technology sectors, and in June 30, 2023, the Company had $-0- from its gaming machine sales.
Cost of sales for the six months ended June 30, 2024
was $-0- and for the six months ended June 30, 2023 was $-0-. The Company had no sales during each of the six months ended June 30, 2024
and 2023.
Gross profit for the six months ended June 30, 2024
was $-0- and for the six months ended June 30, 2023 was $-0-.
Total Operating expenses for six months ended June
30, 2024 was $265,267 compared to $217,298 for the six months ended June 30, 2023. The increase during the six months ending June 30,
2024 was attributed to increases in General and Administrative expenses and Professional Fees compared to the three months ending June
30, 2023.
Net Loss:
Net loss for the three months ended June 30, 2024
and 2023 were $91,749 and $73,836 , respectively. The increase during the three months ending June 30, 2024, was due to the increases
in General and Administrative expenses and Professional Fees compared to the three months ending June 30, 2023.
Net loss for the six months ended June 30, 2024 and
2023 were $229,467 and $217,298 respectively. The decrease during the six months ending June 30, 2024, was due to the increases the increases
in General and Administrative expenses and Professional Fees compared to the six months ending June 30, 2023.
Liquidity and Capital Resources:
As of June 30, 2024, the Company's assets totaled
$177, which consisted of cash. Our total liabilities were $638,247. As of June 30, 2024, the Company had an accumulated deficit of $96,017,232
and a working capital deficit of $638,070.
As indicated herein, we need capital for the implementation
of our new business plan in the entertainment, hospitality, and technology sectors, and we will need additional capital for continuing
our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the Company is able to raise working
capital, it is likely that the Company will either have to cease operations or substantially change its methods of operations or change
its business plan.
Cash Provided by (Used in) Operating Activities
Net cash used in operating activities for the six
months ended June 30, 2024 was $104,781 and for the six months ended June 30, 2023 was $75,937, respectively.
Cash Flows from Investing Activities
Net cash used in investing activities was $-0- and
-0- for the six months ended June 30, 2024 and 2023.
Cash Provided by (Used In) Financing Activities
Net cash provided by financing activities for the
six months ended June 30, 2024 was $103,778 and for the six months ended June 30, 2023 was $78,398.
Critical Accounting Policies
Our consolidated financial statements and accompanying
notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires
management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates
and assumptions are affected by management's application of accounting policies. Critical accounting policies include revenue recognition
and impairment of long-lived assets.
New Accounting Pronouncements
Bravo Multinational, Inc. does not expect the adoption
of recently issued accounting pronouncements to have a significant impact on the Company, or any of its subsidiaries' operating results,
financial position, or cash flow.
Accounting Principals
Our consolidated financial statements and accompanying
notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires
management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates
and assumptions are affected by management's application of accounting policies. Critical accounting policies include revenue recognition
and impairment of long-lived assets.
Revenue Recognition
In accordance with ASC Topic 606, Revenue from
Contracts with Customers ("ASC 606"), revenues are recognized when control of the promised goods or services is transferred
to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services.
To achieve this core principle, we apply the following five steps: (1) Identify the contract with a client; (2) Identify the performance
obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the
contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.
We adopted this ASU on January 1, 2018. Although the
new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes
related to revenue recognition and the control activities within them.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
Going Concern
We have incurred net losses since our inception. We
anticipate incurring additional losses before realizing growth in revenue and we will depend on additional financing in order to meet
our continuing obligations and ultimately to attain profitability. Our ability to obtain additional financing, whether through the issuance
of additional equity or through the assumption of debt, is uncertain. Accordingly, our independent auditors' report on our financial statements
for the year ended December 31, 2023 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern,
including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure.
The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Not applicable
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Principal
Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in
the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form
10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Based on our evaluation, our Principal Executive Officer
and Principal Financial Officer, after considering the existence of material weaknesses identified, determined that our internal control
over financial reporting disclosure controls and procedures were not effective as of June 30, 2024.
Evaluation of Internal Control over Financial Reporting
Our management is responsible for establishing and
maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange
Act of 1934, as amended. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting
principles.
Our internal control over financial reporting includes
those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures
are being made only in accordance with the authorization of our management and directors, and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our
financial statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Management, including our Principal Executive Officer
and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting as of June 30, 2024. In making
this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO")
in Internal Control – Integrated Framework (2013).
We identified the following deficiencies which together
constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of June 30, 2024:
|
- |
The Company has inadequate segregation of duties within its cash disbursement control design. |
|
|
|
|
- |
During the period ended June 30, 2024, the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. |
It should be noted that any system of controls, however
well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition,
the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and
other inherent limitations of the control system, there can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions.
This report does not include an attestation report
of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject
to attestation by the Company's registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit
us to provide only management's report in this annual report.
We regularly review our system of internal control
over financial reporting to ensure that we maintain an effective internal control environment. If deficiencies appear in our internal
controls, management will make changes that address those deficiencies.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company's internal
control over financial reporting that occurred during the reporting period ended June 30, 2024 that have materially affected, or are reasonably
likely to materially affect, the Company's internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
At this time, there are no materials pending legal
proceedings to which the Company is a party or as to which any of its property is subject, and no such proceedings are known to the Company
to be threatened or contemplated against it.
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule
12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
For the Period Ending June 30, 2024, and subsequently
to the date of this filing, there are no issuance of unregistered equity securities.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINING SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
On July 18, 2024, the Company entered into the telecommunications
sector through its newly established, wholly owned subsidiary, Mobile 13, Inc., that will provide mobile phone services to consumers in
50 states and Puerto Rico.
ITEM 6. EXHIBITS
Exhibit
No. |
Identification of Exhibit |
10.01* |
Contract - IBN (Investor Brand Network); February 7, 2024 |
31.1+ |
Certification of Grant Cramer, Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. |
31.2+ |
Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. |
32.1+ |
Certification of Grant Cramer, Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
32.2+ |
Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
101+ |
iXBRL Interactive Exhibits. |
104+ |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)+ |
+filed herewith
*previously filed
SIGNATURES
In accordance with the requirements of the Exchange
Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BRAVO MULTINATIONAL INCORPORATED
Dated: August 19, 2024 |
By: |
/s/ Grant Cramer |
|
Grant Cramer
Chief Executive Officer |
|
|
|
|
By: |
/s/Richard Kaiser |
|
Richard Kaiser
Chief Financial Officer |
EXHIBIT 31.1
CERTIFICATION
I, Grant Cramer, certify that:
| | | |
1.
| I have reviewed this quarterly report of Bravo Multinational Incorporated. on Form 10-Q;
|
|
|
2.
| Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
|
3.
| Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
| The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a)
| Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b)
| Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c)
| Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| d)
| Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
|
5.
| The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
| a)
| All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
|
| b)
| Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
| | |
| By:
| /s/Grant Cramer
|
August 19, 2024
|
| Grant Cramer
Chief Executive Officer
(Principal Executive Officer)
|
EXHIBIT 31.2
CERTIFICATION
I, Richar Kaiser, certify that:
| | | |
1.
| I have reviewed this quarterly report of Bravo Multinational Incorporated. on Form 10-Q;
|
|
|
2.
| Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
|
3.
| Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
| The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a)
| Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b)
| Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c)
| Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| d)
| Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
|
5.
| The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
| a)
| All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
|
| b)
| Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
| | |
| By:
| /s/ Ruichard Kaiser
|
August 19, 2024
|
| Richard Kaiser
Chief Financial Officer
(Principal Accounting and Principal Financial Officer)
|
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to 18 U.S.C. Section 1350,
As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
I, Grant Cramer, certify, to my best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Bravo Multinational Incorporated, on Form 10-Q for the quarter ended June 30, 2024, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Bravo Multinational Incorporated.
| | |
| By:
| /s/ Grant Cramer
|
August 19, 2024
|
| Grant Cramer
Chief Executive Officer
(Principal Executive Officer)
|
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to 18 U.S.C. Section 1350,
As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
I, Richard Kaiser, certify, to my best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Bravo Multinational Incorporated on Form 10-Q for the quarter ended June 30, 2024, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Bravo Multinational Incorporated.
| | |
| By:
| /s/ Richard Kaiser
|
August 19, 2024
|
| Richard Kaiser
Chief Financial Officer
(Principal Accounting and Principal Financial Officer)
|
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 15, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53505
|
|
Entity Registrant Name |
BRAVO MULTINATIONAL INCORPORATED
|
|
Entity Central Index Key |
0001444839
|
|
Entity Tax Identification Number |
85-4068651
|
|
Entity Incorporation, State or Country Code |
WY
|
|
Entity Address, Address Line One |
2020 General Booth Blvd
|
|
Entity Address, Address Line Two |
Unit 230
|
|
Entity Address, City or Town |
Virginia Beach
|
|
Entity Address, State or Province |
VA
|
|
Entity Address, Postal Zip Code |
23454
|
|
City Area Code |
(757)
|
|
Local Phone Number |
306-6090
|
|
Title of 12(b) Security |
Common stock Par Value $0.0001
|
|
Trading Symbol |
BRVO
|
|
Security Exchange Name |
NONE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and Cash Equivalents |
$ 177
|
$ 1,180
|
Total Current Assets |
177
|
1,180
|
Total Assets |
177
|
1,180
|
Liabilities |
|
|
Accounts Payable and Accrued Expenses |
85,439
|
12,453
|
Customer Deposits |
|
35,800
|
Due to Related Parties |
258,058
|
154,280
|
Accrued Board of Directors Fees |
294,750
|
207,250
|
Total Liabilities |
638,247
|
409,783
|
Stockholders' Deficit |
|
|
Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized, 47,641,010 Issued and Outstanding |
4,763
|
4,763
|
Additional Paid-In-Capital |
95,374,399
|
95,374,399
|
Accumulated Deficit |
(96,017,232)
|
(95,787,765)
|
Total Stockholders' Deficit |
(638,070)
|
(408,603)
|
Total Liabilities and Stockholders' Deficit |
$ 177
|
$ 1,180
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Expenses |
|
|
|
|
General and Administrative |
$ 15,366
|
$ 4,046
|
$ 44,975
|
$ 5,423
|
Professional Fees |
32,633
|
26,040
|
132,792
|
49,375
|
Board of Directors Fees |
43,750
|
43,750
|
87,500
|
162,500
|
Total Expenses |
91,749
|
73,836
|
265,267
|
217,298
|
Loss Before Income from Customer Deposit Writeoff |
91,749
|
73,836
|
265,267
|
217,298
|
Income from Customer Deposit Writeoff |
|
|
(35,800)
|
|
Loss Before Income Taxes |
91,749
|
73,836
|
229,467
|
217,298
|
Income Taxes |
|
|
|
|
Net Loss for the Period |
$ 91,749
|
$ 73,836
|
$ 229,467
|
$ 217,298
|
Weighted Average Number of Common Shares - Basic |
47,641,010
|
47,641,010
|
47,641,010
|
47,641,010
|
Weighted Average Number of Common Shares - Diluted |
47,641,010
|
47,641,010
|
47,641,010
|
47,641,010
|
Net Loss for the Period Per Common Shares - Basic |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Net Loss for the Period Per Common Shares - Diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows from Operating Activities |
|
|
Net Loss for the Period |
$ (229,467)
|
$ (217,298)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Income from Customer Deposit Writeoff |
(35,800)
|
|
Changes in Assets and Liabilities: |
|
|
Prepaid Expenses - Retainers |
|
(29,325)
|
Accounts Payable and Accrued Expenses |
72,986
|
8,186
|
Accrued Board of Directors Fees |
87,500
|
162,500
|
Net Cash Flows Used In Operating Activities |
(104,781)
|
(75,937)
|
Cash Flows from Investing Activities |
|
|
Cash Flows from Financing Activities |
|
|
Due to Related Parties, Net |
103,778
|
78,398
|
Net Cash Flows Provided by Financing Activities |
103,778
|
78,398
|
Net Change in Cash and Cash Equivalents |
(1,003)
|
2,461
|
Cash and Cash Equivalents - Beginning of Period |
1,180
|
73
|
Cash and Cash Equivalents - End of Period |
177
|
2,534
|
Cash Paid During the Period for: |
|
|
Interest |
|
|
Income Taxes |
|
|
Non-Cash Transactions |
|
|
Accrued Board of Directors Fees - Contributed to Capital |
|
1,580,167
|
Due to Related Parties - Contributed to Capital |
|
$ 205,739
|
X |
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT UNAUDITED - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance - March 31, 2024 at Dec. 31, 2022 |
$ 4,763
|
$ 89,168,493
|
$ (90,940,720)
|
$ (1,767,464)
|
Beginning balance, shares at Dec. 31, 2022 |
47,641,010
|
|
|
|
Net Loss for the Period |
|
|
(143,462)
|
(143,462)
|
Balance - June 30, 2024 at Mar. 31, 2023 |
$ 4,763
|
89,168,493
|
(91,084,182)
|
(1,910,926)
|
Ending balance, shares at Mar. 31, 2023 |
47,641,010
|
|
|
|
Capital Contributions - Directors |
|
1,785,906
|
|
1,785,906
|
Net Loss for the Period |
|
|
73,836
|
73,836
|
Balance - June 30, 2024 at Jun. 30, 2023 |
$ 4,763
|
90,954,399
|
(91,010,346)
|
(51,184)
|
Ending balance, shares at Jun. 30, 2023 |
47,641,010
|
|
|
|
Balance - March 31, 2024 at Dec. 31, 2023 |
$ 4,763
|
95,374,399
|
(95,787,765)
|
(408,603)
|
Beginning balance, shares at Dec. 31, 2023 |
47,641,010
|
|
|
|
Net Loss for the Period |
|
|
(137,718)
|
(137,718)
|
Balance - June 30, 2024 at Mar. 31, 2024 |
$ 4,763
|
95,374,399
|
(95,925,483)
|
(546,321)
|
Ending balance, shares at Mar. 31, 2024 |
47,641,010
|
|
|
|
Net Loss for the Period |
|
|
(91,749)
|
(91,749)
|
Balance - June 30, 2024 at Jun. 30, 2024 |
$ 4,763
|
$ 95,374,399
|
$ (96,017,232)
|
$ (638,070)
|
Ending balance, shares at Jun. 30, 2024 |
47,641,010
|
|
|
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
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v3.24.2.u1
Organization & Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Organization & Description of Business |
NOTE 1 – Organization & Description of
Business
Bravo Multinational Corporation (the “Company,”
“we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April
23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General
Corp. On August 7, 2007, the Company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand
Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated. On March 22, 2016, the board of directors
of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company
that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance
with all regulatory requirements mandated by FINRA. Further, as a result of the change of the company’s name and upon satisfaction
of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,”
and the company’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company’s
name on April 6, 2016. As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO”
and the CUSIP identifier was changed to 10568F109. On August 3, 2020, the Board of Directors agreed in changing the Company’s incorporation
from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) to
achieve the change in state incorporation. On July 20, 2023 the Company formed a wholly-owned subsidiary; Global Merchandising Inc., a
Nevada Corporation. This company has had no activity through June 30, 2024.
The Company filed a Form 8-K with the SEC on April
7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.
The Company owned patented and unpatented mining claims
on War Eagle Mountain in the state of Idaho. The Company entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which
SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles
on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015,
so that SFMI could restructure its finances. The Company determined that SFMI is unable to pay the lease and that any debt owing by SFMI
to the Company is not recoverable. The Company currently owns 76.63 acres within seven patented claims with a 29.167% ownership interest
on War Eagle Mountain in the state of Idaho. The Company allowed all of its BLM (Bureau of Land Management) unpatented and placer claims
to expire. The carrying value on such claims both patented and unpatented was fully impaired due to lack of economic viabilities of such
properties.
The Company’s previous business plan was the
buying and reselling of gaming equipment. The Company also bought machines for its own use that were placed in casinos or gaming areas
to obtain monthly revenue streams from the machines’ net win revenue. On July 3, 2023, the Company changed its business plan and
will pursue business ventures in the entertainment, hospitality, and technology .
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE 2 – Summary of Significant Accounting
Policies
Basis of Presentation
The accompanying condensed consolidated balance sheet
at December 31, 2023, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim
financial statements as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q
and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial
statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report
on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission
(the “SEC”). It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments),
have been made which are necessary for a fair financial statement presentation. Operating results for the three and six months ended June
30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2023.
Principles of Consolidation
The condensed consolidated financial statements include
the accounts of Bravo Multinational Incorporated, its wholly owned subsidiaries, Universal Entertainment SAS, Ltd., Bravo Global Merchandising,
and Bravo Acquisition Corp. (the “Company”). All significant inter-company balances have been eliminated in consolidation.
During the year ended December 31, 2017, management recognized that Universal is an inactive Florida corporation which no longer operates.
Method of Accounting
The Company’s condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”).
Cash and Cash Equivalents
Cash and cash equivalents may include time deposits,
certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains
cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss
available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share
are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options,
warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted
average number of common shares outstanding and
diluted earnings (loss) per share.
Stock Based Compensation
The Company has issued and may issue stock in lieu
of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party fair values of
shares or the value of services, whichever is more readily determinable, is used to value the transaction.
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the
following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction
price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies
a performance obligation.
Fair Value Measurements
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value.
We adopted ASC Topic 820 for financial instruments
measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance
with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.
Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). These tiers include:
| · | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| · | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets
that are not active; and |
| · | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs
or significant value drivers are unobservable. |
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate
fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring
basis.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
Recently Issued Accounting Pronouncements
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Issued Accounting Pronouncements |
NOTE 3 – Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements
that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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- DefinitionThe entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
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v3.24.2.u1
Going Concern
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
NOTE 4 – Going Concern
The Company’s condensed consolidated financial
statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities
and an accumulated deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.
While the Company is attempting to continue operations
and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.
Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being
taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue
as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional
funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s
ability to further implement its business plan and generate revenues. During the year ended December 31,2023 due to lack of revenues the
officers of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE 5 – Related Party Transactions
Due to Related Parties consist of payments of Company
expenses by the Company’s one (1) current director, one (1) former director, one (1) shareholder and two (2) companies with related
shareholders. Amounts due were $258,058 and $154,280 at June 30, 2024 and December 31, 2023, respectively.
The Company utilizes the services of Yes International
Inc., which is controlled by Mr. Richard Kaiser who is a member of the Board of Directors. Yes International provides all services at
no cost except for press release wire services and filing fees. For each of the three and six months ended June 30, 2024 and 2023 the
Company paid press release wire services and filing fees a total in the amount of $735 (2023: $1,800) and $2,286 (2023: $1,800), respectively.
The Company also currently operates out of the Yes International Inc., offices at no cost.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Capital Stock
|
6 Months Ended |
Jun. 30, 2024 |
Stockholders' Deficit |
|
Capital Stock |
NOTE 6 – Capital Stock
Preferred Stock
On January 16, 2017, the Company amended its certificate
of incorporation to authorize an increase in blank check preferred shares to 50,000,000 from 5,000,000. 10,000,000 of these blank check
preferred shares have been separately allocated to Series A Preferred leaving 40,000,000 blank check preferred authorized. Preferred stock
- A can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares
of common stock. At June 30, 2024, and December 31, 2023, there were -0- shares issued and outstanding.
Common Stock
On January 16, 2017, the Articles of Incorporation
were amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock.
On September 20, 2023, 8,500,000 shares of common
stock were issued to the two (2) shareholders of RPI Inc., per the share exchange agreement for 51% of RPI that was closed on July 13,
2023. These shares were valued at the market value of the Company on July 13, 2023 and resulted in goodwill impairment of $4,420,000 for
the year ended December 31, 2023. On November 14, 2023, the share agreement was rescinded and the shares were returned to the Company.
Net loss of RPI are therefore included in discontinued operations as is the goodwill impairment.
Stock Compensation Plan
March 15, 2018, the Company resolved to adopt the
Employees, Officers, Directors and Consultants Stock Plan for the Year 2018. The purpose of this Plan is to enable the Company, to promote
the interests of the company and its stockholders by attracting and retaining employees, officers, directors and consultants capable of
furthering the future success of the Company and by aligning their economic interests more closely with those of the company’s stockholders,
by paying their retainers or fees in the form of shares of the Company’s common stock. The Plan shall expire on March 15, 2028.
As of June 30, 2024 and December 31, 2023, previously issued shares totaled 4,516,667 from this plan.
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v3.24.2.u1
Write off of Customer Deposits
|
6 Months Ended |
Jun. 30, 2024 |
Write Off Of Customer Deposits |
|
Write off of Customer Deposits |
NOTE 7 – Write off of Customer Deposits
During the six months ended June 30, 2024, the Company
wrote off $35,800 of customer deposits that were on the books as a current liability. The Company has held this deposit since July 2016.
The customer in this case has disappeared and has never requested a return of the prepayment in almost eight years. The Company’s
management does not expect to ever repay the advance. Therefore, income from customer deposit write off of $35,800 is included in the
six months ended statements of operations.
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Share Exchange
|
6 Months Ended |
Jun. 30, 2024 |
Share Exchange |
|
Share Exchange |
NOTE 9 – Share Exchange
On July 13, 2023 the Company and RPI closed their
share exchange agreement. The Company issued 8,500,000 shares of common stock in exchange for 51% of the outstanding common shares of
RPI. The value of this exchange was $4,420,000 placed to goodwill.
Since RPI had no assets or operations the goodwill
was immediately impaired and is shown in the statement of operations for the three and nine months ended December 31, 2023.
On November 14, 2023, the share exchange agreement
was rescinded by all parties and the issued shares were returned.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying condensed consolidated balance sheet
at December 31, 2023, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim
financial statements as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q
and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial
statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report
on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission
(the “SEC”). It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments),
have been made which are necessary for a fair financial statement presentation. Operating results for the three and six months ended June
30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2023.
|
Principles of Consolidation |
Principles of Consolidation
The condensed consolidated financial statements include
the accounts of Bravo Multinational Incorporated, its wholly owned subsidiaries, Universal Entertainment SAS, Ltd., Bravo Global Merchandising,
and Bravo Acquisition Corp. (the “Company”). All significant inter-company balances have been eliminated in consolidation.
During the year ended December 31, 2017, management recognized that Universal is an inactive Florida corporation which no longer operates.
|
Method of Accounting |
Method of Accounting
The Company’s condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”).
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
Cash and cash equivalents may include time deposits,
certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains
cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Earnings (Loss) per Share |
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss
available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share
are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options,
warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted
average number of common shares outstanding and
diluted earnings (loss) per share.
|
Stock Based Compensation |
Stock Based Compensation
The Company has issued and may issue stock in lieu
of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party fair values of
shares or the value of services, whichever is more readily determinable, is used to value the transaction.
|
Revenue Recognition |
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the
following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction
price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies
a performance obligation.
|
Fair Value Measurements |
Fair Value Measurements
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value.
We adopted ASC Topic 820 for financial instruments
measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance
with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.
Fair value is defined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic
820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). These tiers include:
| · | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
| · | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets
that are not active; and |
| · | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs
or significant value drivers are unobservable. |
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate
fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring
basis.
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Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
|
|
|
|
Due to related parties |
$ 258,058
|
|
$ 258,058
|
|
$ 154,280
|
Amount of press release wire services |
$ 735
|
$ 1,800
|
$ 2,286
|
$ 1,800
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|
|
6 Months Ended |
|
|
|
Jul. 13, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Jan. 16, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares issued |
|
0
|
0
|
|
|
Preferred stock, shares outstanding |
|
0
|
0
|
|
|
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|
|
|
|
1,050,000,000
|
Common stock, shares authorized |
|
1,000,000,000
|
1,000,000,000
|
|
|
Shares issued |
8,500,000
|
4,516,667
|
4,516,667
|
|
|
Goodwill impairment |
$ 4,420,000
|
$ 4,420,000
|
|
|
|
RPI Inc [Member] | Two Shareholders [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares issued |
|
|
|
8,500,000
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
10,000,000
|
Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
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|
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|
|
|
|
Preferred Stock [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
40,000,000
|
Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
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|
|
|
|
1,000,000,000
|
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|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
50,000,000
|
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|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
5,000,000
|
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|
|
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Nov. 14, 2023 |
Jul. 13, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Share Exchange |
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|
|
|
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8,500,000
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4,516,667
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